All Forum Posts by: Wayne Tam

Hello can anyone recommend an agent or company that offer landlord insurance policies in Texas (McAllen area).  I've been trying to call the local agents and it just seems like no one wants my money!  Many of them don't even bother calling me back with a quote after they gathered the information from me.  Is McAllen Texas a hard to insure area?  By the way I'm trying to insure two fourplexes that are relatively new (built in 2006).

I have both 4-plex (2 bedrooms per unit) valued at around $200k and 6-plex (1 bedroom per unit) valued at around $220k properties near McAllen TX and the insurance premium has been sky rocketing the past several years.  I'm now paying about $1700 for my 4-plex and $2000 for the 6-plex and I'm wondering if I'm paying too much.  My home in CA is valued at close to $600k and I only pay about $600 a year for insurance.

Just came across this list of most dangerous cities in America: Forbes 10 Most Dangerous US Cities and to my surprise many of the top rental markets spoke of by the other members are on the list!  Detroit, St Louis, Memphis, Birmingham, Atlanta, Baltimore....is this why the saying higher risk=higher return?  I've been reading on investing in Memphis and now I'm not sure if that's a good idea....can investors from these areas please chip in?

@Kumar R.  Sorry to resurrect this old post but I really learned a lot from it! Now that it has been 3 years since you originally posted the question, can you share how your experience turned out?  I'm now sort of in the same boat like you were 3 years ago.  Did you end up using a turnkey company to acquire your properties? 

Am I expected to pay a higher than market price when I invest with Memphis Invest in buying a property?  That's one major concern I have with many of the turnkey companies.  Do I have negotiation room with them on the properties I'm interested in?  How's about the management side of the business?  Is the price competitive with the other management companies?  I'm registered with your seminar in Irvine, CA next month and I hope I'll be getting many of my questions answered.

Thank you all for your information.  The reason I wanted to invest around Chandler is because I heard it's a good area compared to Phoenix.  I know properties in Chandler are starting to get expensive now so finding one under $100k may be difficult.  I head Queen Creek and San Tan Valley are getting developed and have plenty of houses under $100k.  What do you think of that area?  @Tom Nguyen @Bob E. I see that you both are from around the area do you think it's a good starting point for a buy-hold-rent out investor? Crime rate? By the way I'm only interested in SFR because I don't like paying ongoing HOA on condos etc. I will probably visit the area within the next few months to actually look at some properties and to check out the area. Anything else I should know? Any recommendation for realtor/loan agent/escrow/insurance is also greatly appreciated!

Hello all I'm completely lost as to where to post my questions if I'm interested to invest in a property around Chandler, AZ.  It will be for passive income.  Ideal property to be under $100k and in rent ready condition that can cashflow positively.  Any suggestion/information/precautions as to what to look for in that particular area, information/recommendation to Realtor, property management, insurance agents etc is greatly appreciated!  Thanks!

p.s. I've been an out of state owner of a couple multi-family properties in Texas for a few years and although I like Texas the property tax there is killing me.  I am looking to recreate my experience in Texas without the ridiculously high property tax in AZ.  Due to funds available unfortunately I can only play small this time investing in single family houses under $100k.